BP 2011 Annual Report Download - page 238

236 BP Annual Report and Form 20-F 2011
Notes on financial statements
37. Pensions and other post-retirement benefits continued
The expected long-term rates of return and market values of the various categories of assets held by the defined benefit plans at 31 December are set
out below. The market values shown include the effects of derivative financial instruments. The amounts classified as equities include investments in
companies listed on stock exchanges as well as unlisted investments. Movements in the value of plan assets during the year are shown in detail in the
table on page 238.
2011 2010 2009
Expected
long-term
rate of
return
Market
value
Expected
long-term
rate of
return
Market
value
Expected
long-term
rate of
return
Market
value
%$ million %$ million %$ million
UK pension plans
Equitiesa8.0 17,202 8.0 18,546 8.0 16,945
Bonds 4.4 4,141 5.0 3,866 5.3 3,701
Property/real estate 6.5 1,710 6.5 1,462 6.5 1,269
Cash 1.7 534 1.4 406 1.1 634
7.0 23,587 7.2 24,280 7.3 22,549
US pension plans
Equitiesa9.0 5,034 9.1 5,058 9.0 4,326
Bonds 4.0 2,022 4.5 1,419 4.8 1,218
Property/real estate 8.0 48.0 78.0 8
Cash 0.2 144 0.3 165 0.9 271
7.4 7,204 8.0 6,649 8.0 5,823
US other post-retirement benefit plans
Equities – – – – 8.5 8
Bonds – – – – 4.8 4
Cash 0.2 40.3 8 – –
0.2 40.3 87.6 12
Other plans
Equities 7.9 831 8.0 1,182 8.6 1,091
Bonds 3.3 1,951 4.2 1,874 4.4 1,651
Property/real estate 6.2 117 6.3 83 6.5 82
Cash 2.2 387 2.7 155 2.0 245
4.7 3,286 5.4 3,294 5.9 3,069
a The amounts classified as equities include investments in companies listed on stock exchanges as well as private equity investments which are substantially all unlisted. The market value of private equity
investments at 31 December 2011 was $4,099 million (2010 $3,348 million and 2009 $2,956 million). The equity return assumption shown above is the weighted average of the assumed returns for listed
and private equity investments in each fund. Comparative return assumptions for the US pension plans’ equities have been restated to reflect this. Equity return assumptions previously disclosed reflected
the assumption for listed equities only.